Ethereum 'On-Chain Currency' Claims Tom Lee Amid L2 Growth Concerns

Tom Lee, chairman of Bitmine, has responded to concerns that Ethereum is being eclipsed by Layer 2 (L2) networks. According to him, Ethereum remains solidified as the primary economic settlement center despite L2's growing popularity. He pointed out that tens of millions of users have been attracted into the on-chain ecosystem through L2 networks.

Lee emphasized that the fast confirmation mechanism can reduce transaction friction by about 98%. This, he believes, will enable Ethereum to become the most widely used settlement layer for finance and AI agents. He went as far as to call Ethereum 'the on-chain currency'.